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Crypto stocks surge as Bitcoin flirts with $25k mark

The world’s largest crypto has punched to its highest levels since August, with crypto-linked stocks also soaring in tandem on Wednesday:

  • Stronghold Digital Mining: +29.9%
  • Cipher Mining: +20.8%
  • Argo Blockchain: +19.3%
  • Marathon Digital: +18.3%
  • Coinbase: +17.5%
  • Bitfarms: +14.4%
  • Hut 8 Mining: +14%
  • Bit Digital: +12.4%
  • Riot: +12.9%
  • Bit Mining: +10.7%
  • Canaan: +9.1%
  • Ebang: +8.6%
  • Cleanspark: +8.5%
  • Hive Blockchain: +7.6%


In full admission, the expected price reaction stated in Tuesday’s crypto article did not materialise: the higher-then-expected US inflation data did not drag Bitcoin back into sub-$21k territory.

Instead, it’s on course for 3-consecutive days of gains for the first time in four weeks.

$25k Bitcoin within reach as prices climb to highest since August.

Market data suggests a short squeeze has lent themselves to this recent price surge, with Coinglass data pointing to US$64.5 million of short positions in Bitcoin being liquidated yesterday.

The surge across crypto land suggests that, not only were markets able to shrug off Tuesday’s higher-than-expected US inflation data, but also heightened regulatory woes.

Here are just some recent developments on that front from the past week alone:

  • The Securities and Exchange Commission (SEC) is proposing a new rule that makes it harder for crypto platforms to hold digital assets belonging to clients of hedge funds and private equity (PE) firms.
  • The New York State Department of Financial Services has ordered a stop to any further issuance of BUSD, the third-largest stablecoin belonging to Binance, the world’s largest crypto exchange.
    This has prompted customers to redeem about US$1.4 billion of BUSD in just 2 days.
  • Crypto exchange Kraken, had to pay a US$ 30 million fine to the US Securities and Exchange Commission while forced to ditch its digital-asset staking instruments.


The crypto world is expected to continue wading through the ongoing fallout from last year’s high-profile implosions and the tightening regulatory net for a long while more.

At least for the near-term, the latest price surge should at least hearten crypto afficionados who might be able to ride this bullish momentum for a little while longer, especially if Bitcoin can officially reclaim the $25k handle.

And with broader US stock futures also pointing to a positive open at the time of writing, such risk-on mode for broader equity markets may spell further immediate gains for crypto-linked stocks on US exchanges as well.



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